PM invites Korean investments in solar, nuclear sectors

Seoul, Mar 26: Prime Minister Manmohan Singh on Monday, Mar 26 asked South Korean businessmen to help India expand its burgeoning solar and nuclear power sectors by investing in these environment-friendly technologies.

"We are committed to increasing energy efficiency and the share of renewables, including solar and nuclear power, in our energy mix," Singh told a group of top Korean CEOs here.

Among the CEOs present was Kim Joong-Kyum of the Korea Electric Power Corporation (KEPCO) which has interests in nuclear power that meets 45 per cent of Korea's electricity requirements.

"There will be large business opportunities and I am aware of Korean capabilities in environmentally friendly technologies," the Prime Minister said at a meeting organised by Korean industry chambers. South Korean President Lee Myung-bak, during a bilateral meeting with Singh yesterday, had requested that his country be allocated a site in India to build nuclear reactors.

Apparently sensing the concerns of the Korean businessmen with regard to the much-delayed USD 12 billion Posco steel project in Odisha, the Prime Minister told the CEOs that "our processes can be slow but there are effective mechanisms for resolution of problems and differences and a strong rule of law."

"The government is keen to move forward with the Posco project and there is some progress in this regard. I believe that India is a stable and profitable long-term investment opportunity," he said. Besides KEPCO, CEOs of Samsung Electronics, Tata Daewoo, Ssangyong Motors, Hyundai Motors and Doosan Heavy Industries were present at the meeting.

PTI